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recording business transactions

Understanding the Process of Recording Business Transactions in Your Accounts

When you balance your personal cheque book, you record transactions as a single line when they happen, with a description of what the transaction was, and whether it was income or an expense.  With a business, you will usually need something more detailed than that. The Flow of Transactions in Your Accounts While some small businesses do simply take a cash payment for a product or service, often, the work is done in a more complicated way.  For example, you might buy some [...]

outsourcing a bookkeeper

Can I Outsource A Bookkeeper?

Can I outsource a bookkeeper? This is a common question among entrepreneurs because of the many advantages associated with the concept.  And it is only natural for you to ask the same thing if you want to make more cost-effective decisions for your business.  When running a startup, you need to keep an eagle-eye on your expenses.  However, as a business owner, you already know there is more to numbers than just adding and subtracting.  Things need to happen in a certain way [...]

restaurant bookkeeping

What is The Best Bookkeeping Software For a Restaurant?

Running any form of small business is stressful and challenging, but the restaurant industry can be particularly tricky, because there are so many costs to take into account, and income can be so variable.  Restaurants have both fixed and variable overheads, and it is likely that they will be taking in a lot of cash on a day to day basis.  This means that good record-keeping is essential. Let’s take a look at some of the best accounting software for restaurant [...]

General Bookkeeping: The Four Element System [2019]

What Is The Four Element Bookkeeping System?

Bookkeeping is the process of recording daily transactions for a business.  That is a brief way of defining it but that can also oversimplify the actual work which goes into the process.  Bookkeeping is more involved than the simple recording of income, expenses and a tally of how much cash is on hand.  It is also used to protect a business’s assets and note errors before they become problems at tax time.  The following information explains general bookkeeping using the four-element system. Cash Income and [...]

bookkeeping basics

Understanding Bookkeeping Basics

Bookkeeping is the core of the accounting system for all businesses.  The people responsible for it are tasked with recording and categorising financial transactions as well as the techniques of recording those transactions.  Small business owners are quick to disregard the significance of bookkeeping due to the lack of knowledge of what it entails and how essential it is to their entity.  This article will look into the fundamentals of bookkeeping and help you understand more about it. Who is An Accountant? A bookkeeper [...]


Tax Late? 5 Signs Your Business Needs A Bookkeeper

Owning a business comes with a great deal of responsibility, including making sure that your finances are in order.  You may have tried handling this on your own, but hiring a bookkeeper would be in your best interest.  Here are 5 reasons to bite the bullet and seek out professional help. 1. On-Time Tax Filing When you run a business, it is easy to get so caught up in all of the daily tasks that you forget about tax deadlines.  If you pay taxes [...]

Advantages And Disadvantages Of Double-Entry Bookkeeping

Advantages And Disadvantages Of Double-Entry Bookkeeping

You may have heard people in finance mention double-entry bookkeeping and wondered what the big deal is.  This is a method of bookkeeping that has many advantages as well as disadvantages.  Before deciding whether this is an option for your business, it would be a good idea to continue reading to learn more about what can be expected. AdvantagesThis method of bookkeeping makes it easier to create a balance sheet. Once the fiscal year is over it will make it simple for [...]

Bookkeeping Basics For Small Businesses Owners

Bookkeeping Basics for Small Business Owners

When you buy a new car you want reassurance that you scored a great deal. You’ll probably listen to the engine sounds, check the oil, check the tires and much more. It’s unlikely that you’ll pack it away in your garage or check on it every second. However, as you keep using your vehicle, you’ll naturally keep performing certain checks to make sure your car is still in good condition. In the same way, small businesses need bookkeeping services when [...]

golden rules of bookkeeping

6 Golden Rules To Follow When Bookkeeping

Many people do not realise how important solid bookkeeping is to the success of their business. While making money is important, there needs to be a system in place to ensure that every bit of money is accounted for. Whether you decide to handle things on your own or call in a professional, here are some golden rules that need to be followed. 1. Never Mix Business And Personal Finances This applies to business owners as well as those they may [...]

hire a bookkeeper

Why Should You Hire A Bookkeeper?

Bookkeeping involves the recording of important financial transactions of a business on a day-to-day basis. A bookkeeper should maintain accurate financial records of a business and keep them up to date. Accuracy is the keyword when it comes to keeping books on behalf of a business. Bookkeeping is a highly specialised job that should be performed by a professional who is trained and experienced in the subject. A bookkeeper is a person who maintains accurate financial records on behalf [...]


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